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BAFT ramps up fight against financial crime with new working group

International financial services association BAFT announced a new working group aimed at increasing anti-money laundering efforts and helping the banking industry meet know-your-customer regulatory expectations. The Anti-Money Laundering and Know Your Customer Trade Finance Sound Practices working group will review “red flags” identified by... Read More...

Wells Fargo launches Get College Ready site for students, families

Wells Fargo launched the Get College Ready website last week, allowing parents and students to calculate and prepare for college costs. The online platform provides information on comparing education award letters, understanding various financing options and options available to cover non-tuition expenses like rent, books, campus events and... Read More...

Davidson stresses cooperation between education, private sector

Tom Davidson, the CEO of EverFi, said last week in an interview with Bloomberg TV that inadequate cooperation between the education system and the private sector has hindered financial education in the U.S. “If you look at any other major infrastructure in the country—energy… telecommunications, highway systems… there’s been a... Read More...

Kentucky bankers invited to meet with state, federal regulators

The Bluegrass Bankers Association of Kentucky will sponsor the Regulators’ Forum Program in coming months to allow bank personnel to meet with representatives to meet with state and federal regulatory authorities. The program, which will be held in two sections on May 28 in Hopkinsville, Ky., and on June 11 in Lexington, Ky., will include... Read More...

Institute for Financial Literacy presents awards for financial education

The Institute for Financial Literacy recently presented the 2014 Excellence in Financial Literacy Education awards, which recognize the delivery of consumer financial products, services and education. A+ Federal Credit Union, a $1 billion credit union based in Texas, was recognized for its financial camps that teach children income planning and... Read More...

Discover wins Excellence in Financial Literacy Award for financial education program

The Institute for Financial Literacy awarded Discover Financial Services its Excellence in Financial Literacy Award during the Annual Conference on Financial Education in New Orleans this week. Discover also took home the "Organization of the Year, Corporate Leadership" trophy for its "Pathway to Financial Success" financial education... Read More...

Michigan recognizes April as Youth Financial Literacy Month

Lawmakers in Michigan passed a resolution this week recognizing this month, already branded National Financial Literacy Month, as Youth Financial Literacy Month. The resolution was introduced into the Senate by Sen. Jim Marleau (R-Lake Orion) and in the House by Rep. Kevin Cotter (R-Mount Pleasant). Lawmakers are also hoping to extend... Read More...

Generations FCU launches “My Ride Rules” car buying program

Generations FCU recently launched its "My Ride Rules" program to give first-time car buyers information on building credit history while also finding a good deal on a vehicle purchase. Participants in the program must provide proof of three months employment history, be at least 18 years old, have no previous auto loan credit and show proof of... Read More...

Contest challenges students to develop personal finance game mission

The Council for Economic Education is currently hold a contest for students to develop a new mission for the online personal finance game Gen i Revolution, which allows students to complete missions involving financial challenges. The contest is team-based, consisting of up to five members per team. In order to be eligible to compete, each team... Read More...

Minnesota credit unions to host financial education events

The Minnesota Credit Union Network and the state’s credit unions will host events throughout the month of April, National Literacy Month, to provide financial education to credit union members and their communities. The state is currently home to five student-run credit unions in four high schools and one K-12 school. Every year, the MCU... Read More...

ATMIA creates forum to encourage solutions for unbanked, underbanked

The ATM Industry Association announced on Thursday the creation of a forum to encourage development and deployment of ATM solutions to address the needs of America’s unbanked and underbanked consumers. While the use of mobile devices in the financial services realm has become more popular, 2011 data from the FDIC showed 28.3 percent of... Read More...

PAY.ON to launch North American subsidiary in New York

Payment processing solutions provider PAY.ON announced on Wednesday it plans to launch a subsidiary in New York to allow the company to more easily collaborate with clients and market its solutions. PAY.ON, based in Munich, Germany, has a global payment network of more than 350 payment providers in over 100 countries. Its latest move will... Read More...

FairPaymentChoice.org launches to advocate for small businesses

FairPaymentChoice.org recently launched as an online resource for information and advocacy for small businesses regarding payment treatment. The site allows small businesses to join with other entities around the country to advocate for and support fair payment practices. It is designed to raise awareness of the issues caused by... Read More...

State Employees’ CU to introduce new senior fraud prevention program

State Employees’ Credit Union will roll out a new fraud prevention program this spring aimed at protecting seniors from financial exploitation and has partnered with a legal services firm to help older members. The credit union recently teamed up with Pisgah Legal Services, a non-profit legal aid service based in North Carolina. Pisgah will... Read More...

NCUA’s Matz urges credit unions to promote financial education

NCUA Board Chairman Debbie Matz urged credit unions on Wednesday to use the month of April, National Financial Literacy Month, to promote financial education among their members. “Advancing financial literacy is a top priority for NCUA, and it’s a core mission for credit unions,” Matz said. “While consumer education is a year-round... Read More...

MoneyGram extends partnership with U.K. Post Offices

MoneyGram, a provider of remittance transfer and payment services, recently extended its relationship with Post Office, Ltd., in the U.K., building on a partnership that began in 1997. “The renewal of this 17-year working relationship is a testament to a shared vision,” Carl Scheible, the executive vice president of Europe, Africa and... Read More...

NCUA to host free webinar on financial literacy outreach

The National Credit Union Administration will host a free webinar for credit unions early next month on financial literacy outreach. The seminar, which will be hosted at 2 p.m. EST on April 3, will be led by Kenneth Worthey, a financial literacy and outreach analyst at NCUA’s Office of Consumer Protection. It will feature four speakers,... Read More...

Credit Karma raises $118.5 million in capital to provide new services

Credit Karma announced earlier this month that it has raised $118.5 million in funding from Google Capital, Tiger Global, Ribbit Capital and Susquehanna Growth Equity that it will use to provide new, free services aimed at helping consumers improve their finances. The company, which was launched in 2008 and provides credit score information to... Read More...

Ohio Supreme Court rules oral agreements on loan mods not binding

The Ohio Supreme Court ruled in favor of lenders earlier this month when it said that loan modifications and their corresponding terms must be in writing and signed by all parties to make them legally binding. The ruling came following an appeal by FirstMerit—a $24.1 billion financial services firm headquartered in Akron, Ohio, operating in... Read More...

Shared Resources CU hosts financial education fair

Shared Resources Credit Union, based in Pasadena, Texas, recently held a CU 4 Reality Financial Education Fair for students at the local high school, providing them with guidance and information on budgeting, saving and investing. Participating students were given budget sheets and a starting salary and were guided through a simulation of... Read More...

Chicago’s FHLB to host credit union conference at Langham Hotel

The Federal Home Loan Bank of Chicago will host its credit union conference at the Langham Hotel from April 23-24 at the Langham Hotel. The conference will feature discussion and training in asset liability management techniques, interest rate risk management using FHLB advances and marketing strategies to boost member service and revenue at... Read More...

Hong Kong youths lead Asia-Pacific region in financial literacy

Data released by MasterCard on Thursday showed Hong Kong youths led the Asia-Pacific region in overall financial literacy and investment knowledge. The MasterCard Index of Financial Literacy—based on a survey conducted between April and May—showed Hong Kong retained its No. 1 position in financial literacy, followed closely by New Zealand... Read More...

MasterCard, CYFI publish guide on banking innovations for youths

MasterCard and Child & Youth Finance International announced on Wednesday the publication of a guide for financial institutions and other entities on developing retail banking products for children and youth. “Every child and youth has a right to safe, accessible financial services, and we need to empower them to grow into productive... Read More...

Apple FCU sponsors financial literacy competition

Apple Federal Credit Union recently sponsored the Student Run Credit Union financial literacy competition between 26 high schools in northern Virginia. The school that wins the most points by signing up new student members and opening new accounts wins the trophy and the $200 cash prize. Apple’s SRCU is run by advanced accounting students... Read More...

FSSCC establishes executive director position

The Financial Services Sector Coordinating Council announced last week the joint establishment of an executive director position, in coordination with the Financial Services Information Sharing and Analysis Center. The position will be funded by but will remain independent of the FS-ISAC. The executive director will be appointed by the... Read More...

U.S. Treasury, CFPB discuss financial education at president’s council

U.S. Treasury Secretary Jack Lew and CFPB Director Richard Cordray discussed the importance of financial education during a Monday meeting of the President’s Advisory Council on Financial Capability for Young Americans. Lew urged the council to identify and consider opportunities for the nation to improve financial education in the... Read More...

CU4Kids, NCUF partner to encourage sponsorship of Biz Kid$ DVDs

Credit Unions for Kids and the National Credit Union Foundation recently partnered to increase the number of financial education opportunities for patients and their families at Children’s Miracle Network hospitals throughout the U.S. Credit unions and their chapters are able to sponsor a box sex of Biz Kid$ DVDs for their local CMN hospitals... Read More...

HUECU offers financial literacy course for undergraduates

Harvard University Employees Credit Union recently held its “J-term” financial literacy class aimed at providing Harvard undergraduates with information related to personal finance. The optional class, which was held for the third consecutive year, ran for three days for four hours each day. Enrolled students received information on... Read More...

PSCU launches “Make Your Money Matter” campaign for credit unions

PSCU recently established a grassroots campaign aimed at helping credit unions across the country better connect with their communities, especially millenials. The “Make Your Money Matter” campaign—done in coordination with GTE Financial—features a three-part video series produced by CUbroadcast. PSCU President and CEO Mike Kelly... Read More...

AmEx executive Dan Schulman to keynote at Emerge Forum

Dan Schulman, the president of enterprise growth at American Express, will serve as the keynote speaker at Emerge: The Forum on Consumer Financial Services Innovation in June. The forum, which will be held from June 4-6 at the Hyatt Regency Century Plaza in Los Angeles, focuses on innovations designed to bring the underbanked into the financial... Read More...

TMG releases white paper on empowering cardholders to prevent fraud

Payment processor The Members Group released on Monday the third fraud-themed white paper in a series of four aimed at helping financial institutions empower cardholders to prevent card fraud. TMG Senior Fraud Prevention Analyst Nicole Reyes, the author of the paper, said recent data breaches at major retailers were “long overdue” consumer... Read More...

CO-OP Financial Services chooses three finalists for THINK Prize

CO-OP Financial Services recently announced that it has chosen three credit union employees as finalists for the $10,000 grand prize presented by MasterCard in the CO-OP THINK Prize 2014 competition. The contest awards individuals for their development of unique business plans aimed at helping credit unions compete in the financial services... Read More...

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